Pump.fun Replaces Cashback With Holder Rewards on New Launches

This is a structural shift in how Pump.fun tries to keep liquidity on its launches: the old cashback model rewarded trading activity, while the new one pays for simply holding a position above a small threshold. That changes the incentive from churn to retention, which matters for the launchpad's ability to keep tokens from bleeding out immediately after issuance. The open question is whether frequent fee payouts can offset the volatility that makes holding these tokens risky in the first place, and whether existing coins migrating over will see any meaningful change in holder behavior.